Brics Expands to 11 Members, Shifts from Goldman Sachs Concept to Global Power Bloc
· World · Times of India, NDTV
Brics, originally an economic term coined by Goldman Sachs economist Jim O’Neill in 2001 to describe Brazil, Russia, India, and China as emerging growth drivers, has evolved into a political grouping with 11 full members and 10 partner countries. The 18th Brics Summit in New Delhi, hosted by India, marks this transformation, with recent additions including Egypt, Ethiopia, Iran, Saudi Arabia, UAE, and Indonesia. The grouping now focuses on cooperation in economic, financial, technological, and global governance issues under the theme ‘Building for Resilience, Innovation, Cooperation and Sustainability.’ The shift from a Wall Street acronym to a governance platform reflects its growing influence amid global geopolitical tensions. South Africa joined in 2011, formalising the bloc’s political structure, while the 2023 Johannesburg Summit expanded membership significantly.
Why it matters
The expansion strengthens Brics’ global influence, offering emerging economies greater representation in international forums and a platform to address shared economic and geopolitical challenges. For India, hosting the summit underscores its leadership role in shaping the bloc’s future direction, potentially reshaping global trade and financial dynamics.
Read the original report — Times of India
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